Page:United States Statutes at Large Volume 92 Part 3.djvu/252

 92 STAT. 2884

26 USC 2055 note.

26 USC 170, 2522

26 USC 1014. 26 USC 1016. 26 USC 1023.

26 USC 1023 note.

PUBLIC LAW 95-600—NOV. 6, 1978 conformed on or before December 31, 1978, or, if later, on or before the 30th day after the date on which judicial proceedings begun on or before December 31, 1978 (which are required to amend or conform the governing instrument), become final, so that interest is in a trust which meets the requirements of such subparagraph (a) or (B) (as the case may be), a deduction shall nevertheless be allowed." (b) CHARITABLE LEAD TRUSTS AND CHARITABLE REMAINDER TRUSTS IN THE CASE OF INCOME AND GiFT TAXES.—Under regulations prescribed by the Secretary of the Treasury or his delegate, in the case of trusts created before December 31, 1977, provisions comparable to section 2055(e)(3) of the Internal Revenue Code of 1954 (as amended by subsection (a)) shall be deemed to be included in sections 170 and 2522 of the Internal Revenue Code of 1954. SEC. 515. DEFERRAL OF CARRYOVER BASIS RULES. The following provisions are each amended by striking out "December 31, 1976" and inserting in Heu thereof '^'December 31, 1979": (1) the caption and text of section 1014(d) (relating to basis of property acquired from the decedent); (2) section 1016(a)(23) (relating to adjustments to basis); (3) the heading of section 1023 (relating to carryover basis for certain property); (4) section 1023(a) (relating to general rule for carryover basis); (5) the item relating to section 1023 in the table of sections for part II of subchapter O of chapter I; and (6) section 2005(f)(1) of the Tax Reform Act of 1976 (relating to effective dates for carryover basis provisions).

Subtitle C—Other Excise Tax Provisions 26 USC 4940. 26 USC 4940 note.

26 USC 4464. Repeal. 26 USC 4461-4464.

26 USC 4402. 26 USC 4462.

26 USC 4901.

SEC. 520. REDUCTION OP ADMINISTRATION TAX ON PRIVATE FOUNDATIONS. (a) IN GENERAL.—Subsection (a) of section 4940 (relating to excise tax based on investment income) is amended by striking out "4 percent" and inserting in lieu thereof "2 percentf'. (b) EFFECTIVE DATE.—The amendment made by the first section of this Act shall apply to taxable years beginning after September 30, 1977. SEC. 521. EXCISE TAX ON CERTAIN GAMING DEVICES. (a) INCREASE IN CREDIT FOR STATE TAX.—Paragraph (2) of section 4464(b) (relating to limitations on the credit for State-imposed taxes) is amended by striking out "80 percent" in the heading and text thereof and inserting in lieu thereof "95 percent". (b) REPEAL OF OCCUPATIONAL TAX.—Subchapter B of chapter 36 is repealed. (c) CONFORMING AMENDMENTS.—

(1) Section 4402(2) (relating to exemptions from taxes on wagering) is amended to read as follows: "(2) CoiN-OPERATED DEVICES.—On any wager placed in a coinOperated device (as defined in section 4462 as in effect for years beginning before July 1, 1980), or on any amount paid, in lieu of inserting a coin, token, or similar object, to operate a device described in section 4462(a)(2) (as so in effect), or". (2) Subsection (a) of section 4901 (relating to payment of occupational tax) is amended by striking out "or 4461(a)(1) (coinoperated gaming devices)".

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